REGISTERED COMPANY NUMBER: 03157171 IEng]and and W*les} REGISTERED CHARITY NUMBER: 1094958 REPORT OF THE TRUSTEES AND UNAiJDTfED FINANCIAL STATEMENTS FOR THE YEAR EL¥DKD 31 DECEMBER 2025 FOR CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOMTN AS WELSH HIGHLAND IL41LWAY SOCIETY Williams Denton Cyf Chartered Certified Accountants Glaslyn Ffordd y Parc Pa M¢nai Bangor LL57 4FE
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOIVN AS WELSH HIGHIAND RAILWAY SOCIETY CONTENTS OF THE FINAI¥4CIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2025 Page Report of the Trusttts IDdependet Examiner's Report ststement of FI¢1•1 Activititt Bil#nce Sbeet 9 to 10 Notes to the FItte11 St#t¢ments 11 to 18 DetAlled St*tement of FI¢191 Atlivities 19 to 20
CYMDEITHAS RHEILFFORDD ERYIU ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 The trnstees who are also diTCCtors of thc charity for thc pu)6¢$ of th¢ Companieg Act 2006. present their report with the financial sthtements of the charity for the yeaT ended 31 December 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. statent of Recomtnended Practice applicable to charities Preparing their aoUnts in a¢¢ordan¢¢ with th¢ Financial lieporting Standard applicable ID the UK and Republi¢ of treland {FRS 102) (effective l January 2019). 0ECTIvEs AND ACTIVITIES ObJe¢tlves And alms The charilablc Company 15 established for the advancemeni of the educotion of lhe publi¢ by ¢n¢ouraging attd promoting public ittterest in the Caernarfon to Portlllnadog Railway in¢ludittg the fornier Welsh Highland Railway (the WHR) which closed in the 1930s. This includcs its history, restoratio opeTation, railway locomotives and rolling stocK mathin¢ry aDd ¢quipm¢Dt of historical and gcn¢ral intcr¢st. The WHR is own¢d and operated by th¢ Futiniog Railway Company (the Company). The Societys members play a leading part in the maintenance, development and operation of the WHR. The most sigfiCallt proportiott of the Society's work involves sponsorltig and funding projeets around the railway. Th¢s¢ rdng¢ from th¢ nwr¢ obviou$ thin8$ such as the restoration of IoMotiveS such as NG15 No134 Kalahari, together with the maintenance and improvement of the tracl through to less glamorous tasks such as the constsuction of station signs and other furniture. Page
CYMDErrHAS RHEILFFORDD ERYIU ALSO KF40Mry AS WELSH HIGHLAND RAILWAY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 ACHIEVEMENTS AND PERFORMANCE Charit4ble activities 202$ saw the Society Continue to pursue its charitable objectives. In conjunction with the Festiniog Railway Company the Society hosted a success1 AGM weekeThd in Sepiember 2025. NG15 No134 K#lahari hauled a special train for supporters of th¢ proj¢¢t. In F¢bruary w¢ W¢Te sorry to rw¢iv¢ ShaTon Gr¢gory'5 r¢sig[tiOn a$ a Dire¢tor. The board eo-opt¢d Grtha Rumb¢low in her pla¢¢ and that appoinim¢nt w¥s ratifi¢d by th¢ rn¢mb¢rship at the AGM. W¢ ar¢ grydt¢ful to Sharon for her Ikrd work as a Director alld are very pleased to welcome Graham. We also rcc¢iv¢d thc T¢siation of OUT Company Sc¢r¢tary Anthw Yal¢. lan Dunsire be¢n appoint his $trAd we very much appreciate bis experience and hard work Toward5 the close of the 2025 season, Society directOTS again joined colleagues from th¢ Ff¢stiniog Railway So¢i¢ty to support the COmpanS Bygones Weekend. Recognising the common aim of supporting thc ongoing maintcnancc, development and nJt)ning of the Welsh Highland and the Ffestiniog Railways, Directors from both socicties mecl regularly ano shar¢ ¢xampl¢$ of go[ pr¥¢ti¢e ond intiovation. Tr Sl¢ty was again pl¢&s¢d to work alon85id¢ th¢ Company staff in the plannithg and rurttiing of Santa trains. After many years of successful operation we are now frequently welcoming the children of porwts who thernsclves wcrc pass¢nger$ wh¢n th¢y w¢r¢ ¢hildr¢n. In addition to th¢ rwruitrn¢nt of volunte¢r elve5, who collectively contributed many hours of volunteer iitne, teams of other VolteerS were on hand to prepare and pack gifts, to welcomc and cntertain children and families and to clean the trains in preparation for afternoon trips. For many local families, trips on our bilingual Welsh and Englisb language Sallts traiDS are now an unmissable part of their Christmas, and, for the Society, an ideal opportunity to pro[ote local inter¢st in the Railway, its history atwj locoJnotivt5. Seveial ernber5 of the Society Board volunteered over the Son¢a weeke[$ as footplat¢ ¢W, guards, Station hosts "head Elr. Unfornmately a landslip near Waunfawr caused several trains to nuh only as far as Tryfan Junction. These activities are only possible because of our volunteers and a vital &w¢t of th¢ So¢ietys puryjose is io support and ¢oUrage volunteering. It) addition to the many members have suprted the Company through individual volunteering as lo¢omotiv¢ crew and Guards, in Pernnent Way and customer servtce roles (such as hosts and stewards in stations and on trains). r¢gular working parti¢s have been co-ordinated. Groups such as the Black Hand Gang, Tuesday Gang aNJ the Tuesday Engineering Gang provided vital input throughout th¢ y¢ar into maint¢tMn¢¢ on and around lh¢ track and at DAnas works and locomoiive shed. Oftcn all too unsung are the volunteers who perforn the Societs4s administration; the membership retaries, the treasurer and ¢ditor. Their Wal#ble work allows the Sociery to deliver its objectives withoui incurring sigftificant expense. Excluding thc cost of printing and circulaling The Snowdon Rah8er thc Societys expettses amount just over 6Q/o of our income. During the year our long serving treasurer Stcvc Cheeseman handed over to his replacement Dave Aston. We are immcnsely graieful io Steve for his commitment and di118¢n ov¢r th¢ years and wsh him well. W¢ know h¢ remains availablc to offcr support, and Ii)ok foTward to working with Davc. R¢storation ofNG15 No134 Kalahari has b¢¢n a major for of the Society's activitie5 for over a decade and a half. This project has been ¢arri¢d out by a mixed team of volunteers and locally crnpl0y F¢stiniog Railway Company staff. Society fimding now exceeds three quarters of a million pounds. After fittther testing the locomotive entered limited revenue service in 2025 and 1¢ is ¢xw¢¢d that the locomotivc will tak¢ J full plac¢ in th¢ railwa5 lowmotiv¢ flKt during 2026. The Society Board was d¢light¢d to se¢ work continue on th¢ long await third class Carriage 2050. This proj¢ estimated to cost something approaching £200,000, is filY funded by donations to the Society and should ¢nter servic¢ An 2026. This will be the fourth new carriage paid for by the Sociery over a de£ade and a half at a tota] cost of over £650,000. Page 2
CYMDEITHAS RHEILFFORDD ERYIU ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 The appeal to support refurbishment and modifications to th¢ Combination Car nwnb¢r I1 did not rdise &s much as hoped, including donations, Gift Aid and transfcrs from general fimds £17.925 has been allocated to this PTOJCCI. The nmmey given for improved facilities for ttle Welsh Highland IwoDU>tl bascd at B05ton Lodg¢ is ring fenced and will only be US for WHR loco facilitics at Boston LA)dge as OTiginally intended. The Society has been able to provi(k continuing SUPPOrt to volunteers who travel from a distan¢¢ through its 'StatiorL Vtew" awommodation at Dina$, which incorporates single and twin roonLS, a 1]Y fitted kitchen and comfortable sitting room. Swe is also provided for caravans or motoALomes with electrical hook-up p(Trints and wat¢r taps. Rat¢s have been maintained at existing levels ensure affordability foi all. 399 Dight stays w¢r¢ loggcd in th¢ cours¢ of 2025. Four issues of the Society's journal, The Snowdon Ranger, were published during ihe year, continuing the aim of k¢¢pin8 memb¢TS up lo date with what is happening on and around the Railway. Occasional arti¢l¢s on th¢ history of the Railway and other 0¢lated topics have also b¢cn inclu(kd. Towards the end of the year it was announced that publication of The SnowdoD Ranger would nM)ve towards ¢l¢¢ironi¢ forn]ats #iihough paper copies would remain availabl¢ to members who request it. This move will save a lar8¢ proportion of the printing and d7stribution costs relcasing funds to support the Societys ¢hari(abl¢ purpos¢. Throughout 2025 work continued to update the Societys iygtems and processes. Work continued at an accelerated pace developing a new on-line membership system. Our thanks go to Socicty Director Mark Gardner for hi5 llydlly hours work dcsigning al consiTuding the new syst¢m in conjunction with HOPS. FuDdr8ising *etlvAtles 2025 saw ihe continued appeal to raise funds for the Testoration of NG15 No134 Kalahari realise a further £1 1,966. This rigure ineludes cash donati¢)ns r¢Kiv¢d through the highly successful on train cnvclopes and th¢ l¢ftover CUTrency initiativc as well as Gift Aid. Thc appeal to raise ffijnds for reffjJrbi8]Jment and m(Klifjcations to the Combination Car number 1001 to provide impr()v¢d facilities foT Pernhanent Way teams rdis¢d £10,555 including Glft Aid. Thi& was less than anticipat¢d and may r¢fle¢t increasing fllwKial pressure on our donor5 and supporters. FINANCIAL REVIEW The main SOUTces of fimds sAnce the Societys inccption have been subscriptions, donation$ and bequests received from its m¢Jnb¢rs and other supportets. During 2025 th¢ Society donated £138.741 to th¢ Company (2024.. £105,380) as part of its objective to pronwt¢ and support the WHR. The don8tion8 during 2025 ltsd mostly to carriage 2050 with Continu cxpcnditU on locomotive 134 K21ahari. At year end Society held Totsl Funds of £473,727 Of whieh £33,348 repTesented Restricted Funds and £401,045 various Designated Funds leaving £39,334 in unallocated General FuDds. Reserves po]icy The Soci¢ty's policy is to maintain an adequat¢ SerVe so as to enable it io dis¢harge its charitable objectives, meet its ongoing day to day requirements, and maintain general funds to me¢t its obligations for conunitted WHR projects. The Finance Director conducts r¢gulaT rcviews of currenl cash balanc¢5 and projected cash flow for the fortb¢oming thtee years and r¢port$ accordingly to the board. Page 3
CYMDEIThAS RHEILFFORDD ERYRI ALSO KNOMry AS WELSH HIGHLAND RAILWAY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 FUTURE PLANS The Soclery will coniillue its work supporting the development of th¢ W¢lsh Higl]lalld Railway and be a sponsor for v4riety of ll¢w proje¢tg and ¢ontinuittg to support lottg teTtn #itns and proj¢¢t5. Ill particular in 2026 the So¢i¢ty hopes to mplete th¢ project to restore NG15 No134 Kalahari and stt th¢ lo¢onM)tive ¢ntei full r¢veDue service and also see constrnction of carriage 2050 wn)pl¢ted. We are working with ihe Company to further dev¢lop plans for improyed lo¢omotive fa¢iliti¢ts at Boston Lodge atsd also continu¢ rurb1S1)m¢lll of th¢ Combination ¢ar 1001. W¢ will b¢ supporting thc prOJt lo rcfurbish carriage 2090. STRUCTUR& GOVERNANCE AND MANAGEMENT Governing document The Society is controlled by its governing document, the Memoranduln & Articles of Association. and constitutes linjited con]pany, lirnited by guarantee, as defined by the Companie5 Act 2006 arKI is a registered charity as defined by the ChaTiti¢s A¢t 2011. Board meetfings? reerultment and appolntment The Sle(Y tftIeeS held Tegular meetings during the year which were attended by Siety dirK¢ors & offic¢rs, aDd on oceasion. representatives of the Company alld trusttts of The Ffestiniog and Welsh Highland Railways Trust (The Trust). Ail truste¢s ar¢ elected for a peri(xl of 3 years alld may offer themselves for r¢.¢l¢¢tion ev¢ry thr¢e year& Wider netiyork No on¢ person or body r¢lat¢d to the So¢i¢ty (by this we r¢f¢r to the Compatsy, Ihe Tnjst and associated Companics) has the entitlement to appoint any of the Charitys t¢$. The Socie$ trnstees Jr¢ onty oppoint¢d by the melnbers of th¢ Sociery. The Swi¢ty'$ r¢lationships its related parties do not directly impact the operating policies adopt¢d by it as no related party ¢an irnpose a policy decision or change upon it. The StKietys role is to supp)rt the WHR and it does this njainly by contributing financially io duly considered rcqu¢sts for funds from T¢lat¢d parties ID the furtherance of those activities and obj¢rtiv¢s. Related prdes, RemwiertloD and Expenses Pollty The trnstees ¢onsid¢r the So¢i¢ty's k¢y mana8¢m¢nt t¢arn to ¢onJpris¢ of tbe board of trnstees and tbe senior officers as th¢y aT¢ task diTe¢ting and controlling tbe operations of ihe Society OD a day-to-day basis. Th¢r¢ wer¢ no directors, remuneration, expenses or related paty transactions in the year, and ihis confirmation is Llso diselosed by way of a stanrtory note itt th¢ accounts. Risk m#n*gement The tNsrees have a duty to identify and review the risks to which the Socicty is pOSed and to Msur¢ appr(priat¢ ontro]s ar¢ in place to proTride reasonable assurance agaIt fraud and em)r. REFERENCE AND ADMINISTRATIVE DETAILS Rt%ister¢d Company number 03157171 {England and Wal¢sl Reglstered Ch4rlty nujnber 1094938 Reglgtered offlce Stauon View Dinas Caernarfon LL54 SUB Page 4
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWTh AS WELSH HIGHLAND RAILWAY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR EI¥DED 31 DECEMBER 2025 Trustees IRKing M W Gardner A M Strachan B E Mccormiek Ms J M Charles S Gregory (resigned 15.2.25) D N Jones R D B¢ntl¢y C M tA)ve8rove G E Rumbelow (appointed 27.4.25) CompaDy S¢er¢t•ry l M Dunsir¢ Independent Ex*mlner Willhams D¢nton Cyf Chartered Certified Accowjtants Glaslyn Ffordd y Parc Paw Menai Bangor Gwynedd LL57 4FE B4nk¢rs Barclays Bank ple IKic¢st¢r LE87 2BB Metro Bank One Southampton Row London WCIB SHA Offleers Richard Watson- MembeTship Secretary. Bob Zeepvat- Editor of The Snowdon Ranger. Dav¢ Russ¢ll - Ar¢hivist. Dave Astot)- Treasurcr. Dave Keni- President. Cedric Lodge - Vice President. Stuart McNair- Vice President. EVENTS Sll¥CE THE END OF THE YEAR Infornjation r¢lating to ¢ventS since the end of the year is given in the notes to the financial stat¢m¢nts. Poge S
CYMDEITHAS RHEILFFORDD ERYIU ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 This rqjort bas Ppaa in acwrdan¢¢ with th¢ 5pwial provisioDs of Part 15 of the Companies Act 2006 r¢latiD8 ¢0 small companies. Is Approv¢d by order of the boord of on ............... . and sId on its behalf by". J R King- Tnte¢ Pag¢ 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTELS OF CYMDEMIAS RHEILFFORDD ERYRI IDdepeDdent exim5tter's teport to the trustees of Cymdefitbas Rbelltfordd Eryrl ('the Company,) I r¢port to the charity trnsiees on my examinaiion of the accounts of the Company for the year ¢nd¢d 31 Dcc¢mbcr 2025. Re$ponsibilitie5 and b)Isls of report As th¢ charity's trnslees of the Company (and also its dir10T$ for the PUTPOS¢S of company law) you are responsible for the preparation of the ae¢ounts ID alTdance with th¢ requir¢ments of the Companies Act 2006 ('the 2006 A¢t). Having satisfied my6¢lf that the accounts of th¢ Company ar¢ not r¢quir¢d to b¢ auditrd under Part 16 of th¢ 2006 A and are eligibl¢ for I1¢pendent examination, I report in resped of my cxamination of your charitys accot8 as caled out under Section 145 of the Charitics Act 2011 {'the 2011 Act'>. In Carrying out my exatthination I bav¢ followed the Directio$ giv¢D by th¢ Charity Commission u1¢r Scction 145(5) (b) of th¢ 2011 Act. Ind¢p¢ndtrtt examlDer's Statement I have cornpl¢t my exan)inatioTh I confirni th&t no matters have come to my attention iti connection with the exatnination giving me caus¢ to b¢li¢v¢: accounting records wer¢ not kepi in r¢sp¢¢t of t]K Company as required by Section 386 of the 2006 A¢r or the a¢COUth$ do not accord with those records. or the accounts do not eomply wilh the aceounting requirements of S¢¢tion 396 of the 2006 Act other than any requirement that the accounts give a ITue and fair view which is not a mattcr considered as part of an independent ¢xaminaiion,' OT the accounts havc not bccn prq>aTed in accoTdaDce with thc methods and principles of the Ststemellt of Reeonllnendcd Prdctice for accountsng and reporting by charities {applicable to charities preparing th¢ir arcounts in accordance with the Financial Rorting Standard applicabl¢ in th¢ UK and Republic ofireland (FRS 102)). J have no eoncerns and have comc a¢ro$s no other matt¢r$ Connection with the examination to whicb attention should bc dra1 in this report in order to enable a proper understanding of the account5 to be reached. Mr Martill Barrett F TA Williams Denton Cyf ajartered Qrtifled AccouDtants Glaslyn Ffordd y Parc Parc Menal Bangor Gwynedd LL57 4FE Dat¢.. Page 7
CYMDEITHAS RHEILFFORDD ERYIU ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2(125 2025 Total funds 2024 Total funds Unrestricted fullds Restricted Notes INCOME FROM Donations and legacies 27J70 2249 29,619 34,008 Ch4rlt•ble actlvltles Accommodation Subscriptions and Appeals 3,959 89379 3,959 99,110 5.242 126.215 9W7 Other trading activities Investment in¢¢)me 1,133 12,083 1,117 2,250 12,083 740 11.282 Total 133,824 13,203 147,027 177,487 EXPENDITURE ON Ch•rltable #etlvllles Gejjual Donations to the Fesiiniog Railway Company A¢¢gmJngdation PriDting, stationery, postsge etc Governallce and support 1,207 17,903 1,207 138,741 3.943 24.522 4,183 120,838 3943 24,522 4.183 105.380 4,674 26,885 3,772 Tot 153,486 19,110 172,596 140,711 NET INCOMEI{EXPENDITURE) Tr3n5fen between fund5 {19,662) (5.000) (S,907) 5.1)00 (2S,569) 36,776 12 Net Dwvement In funds (24,662) (907) (25,569) 36,776 RECONCILIATtON OF FUNDS Totsi fidS brought forward 405,1141 34.255 499,296 462,520 TOTAL FUNDS CARIUED FORWARD 440J79 33J48 473.727 499,296 The notes form part of these fiÉtsttcial statetnents Pag¢ 8
cY1DErrHAs RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY BALANCE SHEET 31 DECEMBER 2025 2025 Tots71 fuDds 2024 Totsl fimds Ut)restricted Restricted Not¢$ FIXED ASSETS Tan8ibl¢ ass¢Lq Illvestm¢nts 2311.71MI 2311.700 230,7 230,701 230,701 230,701 CURRENT ASSETS DebtOTS Cash at bank 9,050 308,142 1.103 36,169 10.153 344Jll 14,874 336,877 317,192 37,272 354,464 351,751 CREDITORS Amounts falling due within one year 10 (76,154 (3,924) (811,1178) {56,878) NET CURRENf ASSETS 241,038 33J48 274J86 294,873 TOTAL ASSETS LESS CURRENT LIABILITIES 471,739 33J48 505,1187 525,574 CREDITORS Amollnts falling due after morc than one year 131J60) {31 J60) (26,278) NET ASSETS 440?79 3JJ48 473,727 499,296 FUNDS Unrcstricted fimds Restricted funds 12 440,379 33,348 465,041 34,255 TOTAL FUNDS 473,727 499,296 The Charitsble company is ¢utided to exemption from audii und¢r S¢¢iion 477 of the Compallies Aet 2006 for th¢ year ended 31 De¢¢mber 2025. The members hav¢ not requiTed the company io obtsin an audit of its financial sl&tem¢nts for the year ended 31 De¢wJlxr 2025 in accordanee S¢¢tion 476 of the Companies Act 2006. The ISte¢S acknowledge their r¢4)0TIb]l}1l for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Compani¢s A¢1 2(M)6 aThl pr¢paring fjnancial ststements which giv¢ a truc and fair view of the stat¢ of affairs of the charitsble ¢ompany as at the end of c2cb f]nancial year and of its surplus or dcficii for each fiDan¢ial y[ in aordanCe with the r¢quirem¢nts of Scctions 394 and 395 and which otherwise comply with the requirements of th¢ Companies Act 21M)6 relating to financial ststementg, so far as 8ppli¢able kn the charitable coJnpaThy. Ib) Thc notcs fomi part of these fillaDcial slat¢mw Page 9
CYMDEITHAS RHEILFFORDD ERYIU ALSO KNOWN AS WELSH HIGHLALYD RAILWAY SOCIETY BALANCE SHEET- eDDtinued 31 DECEMBER 2025 These financial sLTrlements have been prepared in accordance with the provisions applicable to charitable companies subject to the small compaDie5 regi. The fi ial statements were approved by th¢ Board of Trustees and authorised for issue . and were signed oth its behalf by= R D Bentley- Truslee l R King- Trnste¢ The notes fom) part of these financial stat¢m¢nts Pagc 10
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY NOTES TO THE FINAf4CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES Ba$is of prepring th¢ finaTr¢ll $t*ternentJ The fillallcial statetnents of the charitable company, which is a public benefit entity undcr FRS 102, hav¢ b¢eth PTepared in a¢¢ordan¢e with th¢ Charitk¢s SORP IFRS 102) 'Accounting and Reporting by Charities: Statement of Reeommended PTrctice applicable to charilies preparing their accounts in accordance with th¢ Financial R¢portlDg Standard appli¢abl¢ iti the UK and Republic of trelalld (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard appli¢abl¢ in the UK R¢publi¢ of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historic81 c4)st ¢otsventio 1th the exception of itivestnts wl)ich are tncluded at market value. IDcDme All income 1$ recogniscd in th¢ Stat¢m¢nt of FinaA¢i&l A¢tivili¢s on¢¢ th¢ ¢harity ha$ entitlement to the fimds. it is probablc that the income ll11 be received and the anwunl can be measured reliably. Expendfiture Liabilitie5 are recognised as expendiftwe as S)n as there is a legal or constThctive obligaiion cornrnitting the harity to that CXpdIturC. it is probabl¢ tbat a traDsfw of ¢conomic b¢n¢fits will b¢ requtred in settlement and the amount of tbe obligation can be measwed reliably. Expenditure is accounted for on an accruals basis and has been classified ullder headin8s that awegate all cost related to the ca¢egory. Where costs caDnot b¢ dir¢¢tly attribut¢d to particul4r h¢adings th¢y hav¢ b¢¢n allooat¢d ty ¥¢tiviti¢S on a bashs consistent with the use of T81b1e fixed assets Fix¢d asscts arc capitslised if they cost more than £l,l)00 and aT¢ deemed to have a uKful life of mor¢ than fiv¢ years. Once capitalised, qualifying assets are disclosed in line with the following policies. 1¢h the tTUStees have deemed appropriate in order foT th¢ fiDan¢ial stat¢m¢nts to reflect a and fair vi¢Me. Station VicM'. was acquircd in 2017 for thc purposc of providing low c05t accornmodation to railway volllnteer5, with this being one of the Societys primary objectives. The requirements aTe that a tangible fixed asset, l¢ss 11$ residual value, must be deprcciaied on a systematic basis OVLY its uscfvl cconomic life, however the trnstees aTe of th¢ view that the prop¢ty bas a hi8h r¢sidllal value, which will r¢nMJve the need for depreciatlOD to be charg¢d. Inst¢ad, an aJJnual in)pairni¢nt revicw wll b¢ und¢rtaken and a fvll revaluation will be Ca1 out on a rolling S year b2SAS, with th¢ n¢xt r¢valation b¢ing duc to bc r¢poTtd in thc 31 DKnnb¢r 2026 financial slatements. Th¢ aDnual impairnKnt r¢vi¢w, coupl¢d 7th 8 rolling 5 y¢ar revaluation poli¢y is deemed to b¢ suffici¢nt to ensure tbai the departure from the Charities SORP (FRS 102). FRS 102 (efftttive l January 2019) and Conw4nies Act 2006 requirem¢n¢s art llhlterial in Jwtwe. The historical rdilwa ass¢ts Those recognised at a cost are comprised of a signal box sign, a mLHJel locomotive and the Nantlle map. Although th¢s¢ might be ¢onsidered as histori¢ally important to th¢ rdilway, they ar¢ not currently considered to be heritage assets. No depr¢¢iatiort is provided with r¢gard$ th¢s¢ as5¢ts, as its aff¢¢t upon th¢ firtkncial Stalem¢nls is again deemed ¢0 be immaterial. These departures from accounting standards. bclicved by the tsvstees to be nece&8ary for a and fair view to be reported, are noi deemed io be material with regard their affect upon the financial statemettts. TaxatlDD The ¢liarity is exempt from corporation tax on its charitsble actlvities. Pagell ¢ontinued...
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETV NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 DECEMBER 21125 ACCOUNTING POLICIES- conthiued FvDd %¢¢OUDtIDg Unrestricled fund5 can be used in accordance with th¢ clwitable objectives at the di%retion of the trustees. Restricted funds can only be used for particular r¢5tsicted purposes Within the objects of the charity. Restrictions aris¢ whcn specifled by the donor or when lld5 are rat5ed for particular restrict¢d Purpos. Fwth¢r cxplanation of th¢ nalwc and purpose of each ffijnd is included in the llot¢s to the fiDallrial 3tstfflKnts. OTHER TRADING AcrivrriES 2025 2024 Sales Advertislng rev¢nue 1,117 1,133 192 548 2,25(1 740 INVLSTMENT INCOME 21125 2024 Inteyest 12,1183 11.282 NET INCOMEI(EXPENDITURE) N¢t in¢omcl(¢xpenditure} is stated afier char8ingl(ereditin8)'. 2025 2024 A¢¢ountsn¢y f¢e$ 2,490 2.435 TRUSTEES, REMUNERATION AND BENEFITS There were no ttwtc¢s' i¢mun¢ratioD or other benefits for the year ended 31 December 2025 nor for the year ended 31 Dtt¢mb¢r 2024. Trustees. expenses There wer¢ w trnSt¢C5' ¢xpenses paid for the year ended 31 Decenther 2025 Dor for the yw eryled 31 Dcccmbcr 2024. Pag¢ 12 continued...
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY N(ITES TO THE FINANCIAL STATEMENTS- tontlDued FOR THE YEAR ENDED 31 DECEMBER 2025 COMPARATIVES FOR THE STATEMENT OF FINANC]AL ACTIVITIES Unrestiicted funds Restricted fullds Total nds INCOME FROM Donations and legaei¢$ 28,845 5,163 34.008 Cbarltable Aetlyitles A¢¢ommodation Subscriptions and Appea]s 5,242 104.036 5,242 126,215 22,179 Other trading a¢tiviti¢s Inveslment income 740 11,282 740 11,282 TDtl 150,145 27,342 177,487 EXPENDrruRE ON Ch8rlt4ble a¢tlvltles Donations to th¢ Festiniog Railway Conwally A¢¢onodatiO Printing, ststionery, postage et Governance and support 18.109 4,674 26,885 3,772 87,271 105,380 4.674 26,885 3,772 Totsl 53.440 87271 140,711 NET 1NCOMEI{EXPENDuRE) TrnsfeT$ between fund$ 96,705 {60,6731 (59,929) 60,673 36.776 Net movement funds 36,032 744 36,776 RECONCILIATION OF FUNDS Total fimds brought forward 429.009 33.511 462.520 TOTAL FUNDS CARIUED FORWARD 465.041 34.255 499,296 Page 13 continued...
CYMDEITHAS RHKILFFORDD ERYIU ALSO KNOWN AS WELSH FUGHLAND RAILWAY SOCIETY I¥OTES TO THE FINANCIAL STATEMENTS- etsDt1lled FOR THE YEAR EI¥DED 31 DECEMBER 2025 TAi¥GIBLE FIXED ASSETS Dinas signal IX sig Freehold propety Model Locomolive Nantlle map Totals COST At l January 2025 and 31 De¢¢mber 2025 230,011 375 Joo 225 230,71NI NET BOOK VALUE At 31 Decener 2025 230,(1011 375 loo 225 230.700 At 31 D¢c¢mber 2024 230,000 375 100 225 230.700 FIXED ASSET INVESTMENTS Unli$ted inv¢gtrnts MARKET VALUE At l Jatsuary 2025 and 31 Denth¢r 2025 NET BOOK VALUE At 31 D¢c¢mb¢r 2025 At 31 December 2024 Thcrc [¢ no invcsttllcnl assets outside the UK. DEBTORS: AMOUNTS FALLING DUE WITIIIN ONE YEAR 21125 2024 Trade debtors Gift aid claims Bcqucsts Other debt(* 69 6,741 2.715 6,521 3J43 5,637 10,153 14.874 Pag¢ 14 ¢ontinued...
CYMDEITHAS RHEILFFORDD ERYIU ALSO KNOWN AS WEISH HIGHLAND RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS- cotted FOR THE YEAR ENDED 31 DECEMBER 2025 io. CREDITORS: AMOUNTS FALIING DUE wrrHIN ONE YEAR 2025 2024 Trade creditors Ac(ThIS and dcf¢rr¢d itwm¢ 49,668 30,410 25,224 31.654 80,078 56.878 ii. CREDTTORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2025 2024 Ac¢ruals and deferred income 3lJ60 26,278 12. MOVEMENT IN FUNDS Net mov¢m¢nt in funds Transftrs between At 31.12.25 At 1.1.25 Unrestricted funds General fund Historical railway assets lld Station Vi¢w propety Smallcr project allocation fuDd Third class sal¢)on appeal fund Boston Lodge Road 8 app¢al fiwd Infrastructure Car 1001 fiuLd S691 7110 247,479 12,593 157,4113 41,175 89,2611 (55,617) 39J34 700 247,495 6,668 86987 413711 17,925 16 (16.172) (1113,416) 95 111355 IllJ47 33,000 7J71 465,041 {19,662) {5.ilOIJ) 4411J79 Re5tTlcted fvnds NG15 proj¢¢i Kl project 624 33,631 15,028) (879) 5,00 596 32,752 34,255 (5,907) 5.00 33J48 TOTAL FUNDS 499396 (25,569) 473.727 Page 15 continued...
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 21125 12. MOVEMENT IN FUNDS- continued N¢t movement in fimds, included in th¢ 4bov¢ as follows: Incoming resourc¢s Resource5 p¢nd¢d Moyernent Unrestrlcted funds General fund Station View property fund STnallcr project allocation fund Third ola$$ saloon app¢al fithd Boston Lodge Road 8 appcal lld Infrastructur¢ Car 1001 fund 117,965 3,959 (28,70S) (3,943) {16.172) 1104,666) 89,260 16 {16,172) 1103,416) 95 10,555 1,250 95 10,555 133,824 {153.486) (19,662) Restricted funds NGI 5 project Kl projcct 13,082 121 {18,110) (1.000) (5,028) (879) 13,203 119.110) (5,907) TOTAL FUNDS 147,027 (172,590 125,569) Comp•ratlves for JDDv¢ment ID Net movcmcnt in funds TTansfcrs bctwcen funds At 31.12.24 At 1.1.24 Unrestricted fvnds General fund Historical Tailway assets fi]nd Staiion View property fund snller project allocation fund Third class lOon app¢al fimd Dinas facilities contingency fvnd Bos¢on LiTrdge Road 8 app¢al fvnd 6.902 700 246,910 13.820 150,025 652 10,000 83,070 {84,281} 5,691 569 (8,512} (9,59D 247,479 12.593 157,403 7.285 16,975 (652) 31.175 41.175 429,IM)9 96.705 (60,673) 465,041 Restrlcted funds NGI S project Kl project (60.049) 120 60,673 624 33.631 33.511 33,511 (59,929) 60,673 34,255 TOTAL FUNDS 462,520 36,776 499,296 Page 16 continued...
CYMDErrHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND RAILWAY SOCIETY NOTES TO THE FIIYANCIAL STATEMEL¥TS- eontfinued FOR THE YEAR ENDED 31 DECEMBER 2025 12. MOVEMENT IN FUNDS- fontiDued compa]Ve net movettmjt in funds, included in the above are as follows: IOMing resources ResouTC¢S expended Movemenl Unrestrieted funds Generdl fund Ststion View prop¢ty fiu Smaller project allocation fund Third class saloon appeal fLmd Boston Lodge Road 8 appeal lld 113,728 5,242 (30,658) {4.673) {8.512) (9,597) 83.070 569 {8.512) {9.597) 31,175 31,175 150,145 (53,440) 96,705 Restrlcted funds NG15 proj¢ct Kl project 27,222 120 (87,271> {60,049) 120 27.342 (87.271) 159.9291 TOTAL FUNDS 177.487 (140.711) 36.776 A currnt y¢ar12 months and prior year 12 months combined position is as follows: Nel movement in funds Transfers At 31.12.25 At 1.1.24 fimds Unrestrkted fuDds General fimd Historical railway assets fund Station View property fiu Smaller projrct allocation fund Third class saloon appeal fiwd Dinas facilities conting¢ncy fund Boston Lod8e Road 8 appeal nd 1llfr&stnlur¢ Car 1001 6,902 700 246,910 13,820 150,025 652 iO,IM)O 172,330 (139,898) 39,334 700 247,495 6,668 86,987 585 (24,684) (113,013) 17,532 49,975 (652) 31,270 10,555 41.270 17.925 7.370 429,1)09 77.043 (65.673) 440,379 Re5trleted fund$ NG15 project Kl project {65.077) (759) 65.673 596 32,752 33,511 33,511 {65,836) 65,673 33.348 TOTAL FUNDS 462,520 11,207 473,727 Page 17 continued...
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOIIT+l AS WELSH HIGHLAND K41LWAY SOCIETY NOTES TO THE FINANCIAL STATEMENTS- tontinued FOR THE YEAR ENDED 31 DECEMBER 2025 12. MOVEMENT IN FUNDS- tontlllued A r¢nI ar 12 months and prior year 12 months wmbined net mov¢m¢nt in fulld% iluded in the above are as follows.. Incorning r¢sources Resources ¢xp¢nd¢d Movement in fujxls Unrestrlcted fund8 General fimd Staiion Vicw propcrty fimd Smaller pn)ject allocation fijnd Third class saloon appeal fimd Boston Lodge Road 8 apal fund Infraslrwturc Car 1001 fimd 231.693 9.201 (59,363) (8,616) (24,684) (114,263) 172,330 585 (24,684) {113,013) 31,270 10,555 1.250 31,270 10,555 283.969 (206.926) 77,043 Restrlcted fuDd$ NG15 prOjt Kl projttt 40,304 (105,381) (1,000) {65,077) (759) 40.545 (106.381) (65.836) TOTAL FUNDS 324,S14 {313,307) 11.207 13. REtATED PARTY DISCLOSURES There wrte no re]ated party transactions for the year ended 31 tk¢wb¢r 2025. 14. EVENTS Sll¥CE THE END OF THE YEAR There bave been no events since the balance sheet date require disclosure. Page 18
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HIGHLAND ]L41LWAV SOCIETY DETAILED STATEMENT OF FINANCIAL ACTtvTriES FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 INCOME D&nYé¢lons aDd legacle5 Donations and lewies Gift aid 7,559 22,1)611 9,140 24.868 29,619 34.008 Other tr4dln% 4¢tlvlti¢$ Sales Advertlsing revcnue 1,117 1,133 192 548 2,25 740 Investment income Int¢resl 12,083 11.282 Chartt4ble actlvltles Annual SUbriptionS Lif¢ membership Diamond appeal Sration view income NG15 income Kl in¢om¢ Third class saloon Boston Ld8¢ Road 8 appcal Infrastructure Car 1001 fid 70,0116 7,088 2,492 3.959 9.74• 97 I,lJOO 69,580 6,990 2,150 5242 22.083 25,316 &653 103,07S 131,4S7 Tot*1 Ineomillg r#our¢ 147,027 177,487 EXPENDITURE Charltable aetlvltles Pgstsg¢ awl station¢ry SundTies Kl NG15 Third Class saloon (hher projects Prop¢rty costs 24,522 1.54 1.000 16,903 104,666 16,172 3P43 26,885 426 87.271 9,597 8.512 4,674 168,746 137,365 This pag¢ docs not fonn part of th¢ 8tstutory fitla1 statements Page 19
CYMDEITHAS RHEILFFORDD ERYRI ALSO KNOWN AS WELSH HJGHLAIYD RAILWAY SOCIETY DETAILED STATEMENT OF FII¥ANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Suppor¢ costs Mngemettt AGM expenses 51JO 475 Fknanee Bank charges 860 436 GovernaD¢e ¢0sts Accountants fees 2A9(1 2,435 Total resource5 expended 172J96 140,711 Net (expelldlture)Aneon {25569) 36,776 This page does not forni part of the statrjtory finaneial statements Page 20